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Q:
Managerial ethics can be classified into three areas; behavior toward employees, behavior toward the organization, and behavior toward other economic agents.
Q:
The most essential element in encouraging ethical behavior in an organization is letting employees dictate ethical norms.
Q:
The ethical norm of utility evaluates whether an act respects the rights of all parties.
Q:
Though an individual feels that his behavior is ethical, that behavior may still be considered unethical if social norms consider it to be so.
Q:
Some actions may be illegal, yet considered ethical.
Q:
An individual's personal code of ethics is shaped by his or her life experiences.
Q:
What constitutes ethical behavior is determined entirely by the individual.
Q:
Ethical values do not vary from person to person.
Q:
A conflict of interest occurs when an activity may benefit the individual to the detriment of his or her employer.
Q:
Some ethical and unethical behaviors fall into gray areas, while others are widely agreed upon.
Q:
The standards of behavior that guide managers in their work are called written codes.
Q:
Business ethics refer to ethical or unethical behaviors by employees in the context of their personal lives.
Q:
Ethics are beliefs about what is right and wrong.
Q:
When a firm significantly increases the price of a good or service because of an increase in demand, what unethical practice are they potentially engaging in?
A) Consumerism
B) Collusion
C) Unfair pricing
D) Collaboration
E) Price gouging
Q:
Standards that help to shape behaviors towards employees, the organization, and other economic agents are
A) social responsibilities.
B) managerial ethics.
C) whistle-blowing techniques.
D) values.
E) morals.
Q:
Which of the following is the BEST description of organizational stakeholders?
A) Competitors
B) Government regulators
C) The officers and key employees of an organization
D) Individuals and businesses who own stock in a company
E) Individuals and groups that are directly affected by the practices of a company
Q:
When evaluating a decision based on the ethical norm of rights, a manager is MOST likely to consider which of the following questions?
A) Is the decision consistent with what we regard as fair?
B) Does the decision respect the individuals involved?
C) Is the decision consistent with people's responsibilities to each other?
D) Does the decision optimize the benefits for those who are affected by it?
E) Does the decision comply with current legislation?
Q:
Which ethical norm considers whether a particular act optimizes the benefits to those who are affected by it?
A) Utility
B) Rights
C) Justice
D) Caring
E) Respect
Q:
Which of the following ethical norms that ensure an action is consistent with what's fair?
A) Caring
B) Morals
C) Justice
D) Social responsibility
E) Economic agents
Q:
When an activity benefits an individual but not the employer, what ethical dilemma has been created?
A) Lack of social responsibility
B) Violation of the code of conduct
C) Conflict of morals
D) Interaction with primary agents of interest
E) Conflict of interest
Q:
What category of ethics relates to matters such as hiring, firing, working conditions, privacy and respect?
A) Behavior toward economic agents
B) Behavior toward employees
C) Behavior toward the organization
D) Elimination of conflicts of interest
E) Social responsibility
Q:
How do top managers BEST demonstrate a commitment to ethical business practices?
A) By adopting and enforcing written codes of ethics
B) By reading employees' e-mails
C) By decentralized decision-making practices
D) By cooperating with other companies
E) By monitoring employees' web searches
Q:
What is likely the single MOST effective step that a company can take to set ethical standards?
A) Offer large cash awards for whistle-blowing.
B) Suggest that employees take ethics training.
C) Post ethical rules on bulletin boards.
D) State that the workplace values diversity.
E) Demonstrate support from top management.
Q:
Which of the following should be the first step in assessing ethical behavior in a certain situation?
A) Seek the advice of managers.
B) Make a judgment based on the outcome of the activity.
C) Consider appropriate moral values.
D) Collect facts related to the situation.
E) Gather a range of opinions on the effectiveness of the policy.
Q:
What are individual beliefs about what is right and wrong or good and bad referred to as?
A) Motivators
B) Rules
C) Cultures
D) Ethics
E) Laws
Q:
How does the amount of national debt influence the bond market in the United States?
Q:
Discuss the balance of trade in the United States and how it affects debt.
Q:
How does unemployment affect economic stability?
Q:
What is the difference between an economic recession and an economic depression?
Q:
Explain the types of policies used by the U.S. government to manage the U.S. economy.
Q:
Discuss the fiscal and monetary goals of a stabilization policy.
Q:
In the United States, the Federal Reserve System, which is the nation's central bank, can influence the ability and willingness of banks to lend money.
Q:
The consumer price index is expressed as a percentage of prices as compared to a base period.
Q:
If productivity increases, prices charged to consumers will tend to increase as well.
Q:
Deflation, an indication that the economy is contracting, is characterized by price stabilization of goods.
Q:
The main measure of growth in the business cycle is aggregate output.
Q:
Stabilization policy is made up of both monetary and fiscal policy.
Q:
The government can influence the availability of capital through the use of the Federal Reserve System.
Q:
Tax increases and decreases are a form of fiscal policy.
Q:
Inflation results in increased purchasing power for the consumer.
Q:
The primary measure of growth in the business cycle is inflation.
Q:
Economic indicators help to assess the performance of an economy.
Q:
The United States government manages the collection and spending of its revenues through monetary policy.
Q:
Aggregate output refers to a company's annual production of goods or services.
Q:
Why is it important to calculate purchasing power parity in the global market?
A) It indicates how much consumers will pay for goods and services.
B) It determines interest rates on short-term debt.
C) It identifies how much the nominal GDP should be adjusted.
D) It helps companies determine standards of living across the globe.
E) It indicates the level of disposable income in developed nations.
Q:
Which of the following supports the idea that the prices of similar products in different countries should be about the same?
A) Standard of living
B) Real growth rate
C) Purchasing power parity
D) Trade deficit
E) Balance of trade
Q:
The amount of money that a government owes its creditors is referred to as that country's
A) GDP.
B) national debt.
C) consumer price index.
D) inflation rate.
E) GNP.
Q:
Why is gross national product (GNP) considered to be a less valuable indicator of domestic economic performance than gross domestic product (GDP)?
A) GNP does not consider where the economic performance was located.
B) GNP only considers economic performance within the United States.
C) GNP is not adjusted for inflation.
D) GNP does not consider currency fluctuations at the time of product purchase.
E) GNP does not compare output to population rates.
Q:
When economists measure gross national product, what is being measured within a specific time period, regardless of location?
A) The aggregate output
B) The economic growth of the nation
C) The growth of domestic factors of production
D) The growth rate adjusted for inflation
E) The total value of all goods and services
Q:
When gross domestic product increases, what is the outcome for economic growth?
A) Aggregate output will increase
B) The nation will experience a slowdown in growth.
C) Aggregate output will decrease
D) Growth will remain steady when compared to developing nations.
E) Growth will decline based on the value of the national currency.
Q:
Which of the following is an indication of national economic growth, shown by measuring aggregate output?
A) Gross domestic product
B) Standard of living
C) Economic indicators
D) Gross national product
E) Real growth rate
Q:
Which of the following business environments includes the customers, mores, values and demographic characteristics of the society where the organization functions?
A) Sociocultural
B) Technological
C) Political-legal
D) Fiscal
E) Economic
Q:
Why would a government MOST likely be concerned about its country carrying a trade deficit?
A) A trade deficit means that the country's productivity is low.
B) A trade deficit means local companies do not have enough competition.
C) A trade deficit ties up money that could be used for economic growth.
D) A trade deficit decreases demand for goods overall.
E) A trade deficit means that consumers do not have enough purchasing power.
Q:
Which is the BEST explanation for why standard of living only increases through productivity?
A) The more goods that are available, the lower prices will be.
B) More goods are available without having to come by additional resources.
C) Productivity increases the money supply in an economy.
D) Purchasing power increases when there is more consumer choice.
E) Prices are determined by the standard of living.
Q:
Which of the following BEST describes nominal GDP?
A) Total quantity of goods and services produced by an economic system
B) Total value of all goods and services produced within a given period by a national economy through domestic factors of production, measured in current dollars or with all components valued at current prices
C) Total value of all goods and services produced within a given period by a national economy regardless of where the factors of production are located
D) Total value of all goods and services produced within a given period by a national economy through domestic factors of production, adjusted to account for changes in currency values and price changes
E) Total quantity of goods and services that are imported within a given period of time
Q:
Which of the following BEST gives the meaning of the term gross domestic product?
A) Total quantity of goods and services produced by an economic system
B) Total quantity of goods that a country's citizens can purchase with the currency used in their economic system
C) Conditions of the economic system in which an organization operates
D) Total value of all goods and services produced within a given period by a national economy through domestic factors of production
E) Indicators of available goods and services produced within a specific domestic market
Q:
What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?
A) Unemployment
B) Stability
C) Deflation
D) Inflation
E) Oversupply
Q:
What is the economic condition characterized by widespread increased prices without increased purchasing power?
A) Unemployment
B) Inflation
C) Expansion
D) Deflation
E) Recession
Q:
What does productivity measure?
A) The total value of all goods and services produced by a national economy
B) How much a system produces with the resources needed to produce it
C) How much output is necessary to produce a certain level of demand
D) The standard of living relative to purchasing power parity
E) How much gross national product results from inputs of labor
Q:
Which of the following measures indicates the prices of typical products purchased by American consumers living in urban areas?
A) GDP per capita
B) Standard of living
C) Consumer price index
D) Purchasing power parity
E) Economic indicators
Q:
Which term refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production?
A) Standard of living
B) Aggregate output
C) Gross domestic product
D) Gross national product
E) Purchasing power parity
Q:
Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?
A) Business cycle supply
B) Demand and supply schedule
C) Standard of living
D) Aggregate output
E) Consumer price index
Q:
Which term refers to the pattern of short-term ups and downs in an economy?
A) Aggregate output
B) Business cycle
C) Standard of living
D) Balance of payments
E) Demand and supply schedule
Q:
Which of the following is a likely cause of increased prices for products, decreased purchasing power, and decreased profit margins?
A) Low unemployment
B) Stagnant wages
C) Declining living standards
D) Cyclical inflation
E) Limited credit
Q:
Which of the following BEST describes what the consumer price index is used to indicate?
A) The average wage rate for a given region
B) The economic performance of key consumer product companies
C) The changes in the cost of consumer products over time
D) The percentage of consumers in the total population looking for work
E) The number of price increases within a given period of time
Q:
How would supply affect the aggregate output of an economy?
A) Supply would decrease aggregate output
B) Increases in both would cause inflation
C) Aggregate output would grow as supply grows
D) Supply would have no direct effect on aggregate output
E) Aggregate output would increase the money supply
Q:
What type of policy is made up of fiscal and monetary policy?
A) Trade
B) Employment
C) Stabilization
D) Tax
E) Foreign
Q:
Which indicator refers to the total quantity of goods and services produced by an economic system during a given period?
A) The business cycle
B) Aggregate output
C) Gross domestic product
D) The consumer price index
E) Gross national product
Q:
What term do economists use for the pattern of short-term expansions and contractions in the economy?
A) Business cycle
B) Aggregate output
C) Standard of living
D) Consumer price index
E) Purchasing power parity
Q:
National economies, regardless of industry, are measured through what?
A) Standard of living
B) Aggregate output
C) Gross national product
D) Output per capita
E) Inflation rates
Q:
Which of the following offers experts statistical information on the strength and performance of an economy?
A) Market price reports
B) Supply curves
C) Economic indicators
D) Demand Curves
E) Degrees of competition reports
Q:
Explain the concept of mixed market economies and how they support pure planned and pure market economies.
Q:
How can price be best determined?
Q:
Discuss each of the four principles of private enterprise systems.
Q:
What is required for perfect competition to exist, and what principles must be in place to achieve those conditions?
Q:
In a natural monopoly, prices tend to be government regulated.
Q:
Product differentiation is common in a market characterized by monopolistic competition.
Q:
One of the four elements that are necessary for private enterprise to be carried out is reasonable prices.
Q:
The point at which the supply curve and the demand curve intersect is the market price.
Q:
Economic systems differ in how factors of production are used.